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Greedy exist ever since there are jobs related to managing other people's money. But as Krugman points out here

http://www.nytimes.com/2009/04/10/opinion/10krugman.html

there were times when things were -- manageable. The tide turned in the 90s (as in many other domains) when the complex derivatives and the IT took off.
And then like I said, the society cannot consider itself without blame. That kind of culture is now pervasive in the society, libertarianism, a sort of alpha-male individualism and disinterest for the others, this rat race for material possessions, a certain cynicism, short-termism, lack of education (no, that does not mean I would be some old school conservative), and in general what we call "nivellement par le bas" in all places.
Well here it is, we harvest what we sew.

Free at last! Free at last! Thank God Almighty, we are free at last! (Martin Luther King)

by ValentinD (walentijn arobase free spot frança) on Sat May 23rd, 2009 at 01:23:47 PM EST
[ Parent ]
I fail to see how any of that is an argument for leaving the clearing system in the hands of the private financial sector.

- Jake

If you only spend 20 minutes of the rest of your life on economics, go spend them here.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat May 23rd, 2009 at 03:16:44 PM EST
[ Parent ]
That was not my fight, actually :)

Free at last! Free at last! Thank God Almighty, we are free at last! (Martin Luther King)
by ValentinD (walentijn arobase free spot frança) on Sat May 23rd, 2009 at 04:55:49 PM EST
[ Parent ]

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